Project Everest

Proposed Experiment

[Proposed Experiment]: Fuel Timor - Currency Testing - July 2018

Being the first Fuel Assessment team in Timor Lesté, the team has made tremendous progress towards understanding the domestic cooking market and the development of a number of sustainable fuel solutions that are able to alleviate key pain points that the local community has identified. From this, it has been recommended that the next Fuel Assessment team investigate currency testing and the currency experiment design methodology to initially determine whether consumers will pay for the solution that will be provided, and more importantly if they will pay enough to reach the end goals of the project.

Based on the PEV’s lean start-up model, the Fuel Assessment team in Timor Lesté is currently in the empathy phase, collecting qualitative specific group data on middle income farmers in the Hera region. This data can be used to achieve our impact-orientated goals to reduce health impact due to smoke inhalation and provide access to affordable domestic cooking solutions. The assumption being tested, aligned with our customer segment targeted, is that they will provide valuable currency (E.g Cash, renting of cookstove, MOU) in order for PEV to provide a tailored domestic cooking solution that will alleviate key pain points.

From this month’s empathising sessions, a household identification database has been developed that provides the contact details, geographical location and any EOIs. The currency testing will be executed on the families that have expressed prior interest in our proposed domestic cooking solutions, presenting the prototypes that have been developed. The customer acquisition and sales conversion percentage will be the key metric in the evaluation of the end goals.

The currency can be in the form of direct conventional sales, or a MOU where an agreement is reached for the renting of the cookstove, involving follow up visits to obtain qualitative and quantitative customer usage data.

This should be conducted heavily in the first 2 weeks from the commencement of project to build customer rapport and gain a better understanding of the customer segment:

  • To achieve a green light (proceed) outcome, it is recommended to have a high percentage of customer acquisition and sales for the solution that you have proposed, being a strong indication of further acquisition of valuable currency from the customer. When this is successfully achieved, the next step would be the development and implementation of utility testing. This will be an assessment of the degree in which the provided solution/s affect the impact-orientated goals, also referred to as an impact assessment.
  • To achieve an orange light (optimise), there is percentage of sales that is below the greenlight outcome but above the failure point. The failure point can be defined as the sales conversion rate that is not sufficient for the project to be sustainable. This is followed by an iterative approach that centred about investigating pricing options, optimising the current percentage of customer acquisition.
  • When the key metric (customer acquisition) falls below the failure point, a red light (failure) protocol is initiated. Important parameters to re-evaluate for this protocol can include (but not limited to) key-metrics, testing methodologies and final goal definitions. It may also be valuable to regress into the empathy stage of the lean start-up model to gain a more accurate representation of the customer segment.

If this currency testing method is successfully implemented and adhered to, this is will facilitate the development of the project to ensure sustainability and profitability into the future.

edited on 6th September 2018, 00:09 by Justin Hakeem

Wade Tink Jul 27, 2018

This experiment has a strong link with offer testing experiment proposed. Could the linkages be more clearly defined between the two..? I assume Currency testing will be subject to the success of offer testing?
Within this section can you provide the details of the specific interest (numbers, locations) you have had and what is to go off for the currency test?

Reply 0

Andrew Vild Aug 7, 2018

Status label added: Proposed Experiment

Reply 0

Lucas Schuler 3 months ago

Fuel Timor was the first ever currency tester that was presents on this city it was good to have this it shown accurate result. You can get the all description of this that was wrote by the essay writing expert it was one of the best company that known as international community.

Reply 0

Share